2007 - JAMB Accounting Past Questions and Answers - page 5
41
Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors.
How much is sundry expenses?
A
N2700
B
N2250
C
N1550
D
N2000
correct option: a
Users' Answers & Comments42
Use the information below to answer questions
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?
Given:
Returns inwards............N1500
cash.......................N1550
Discount...................N2850
Capital....................N3800
Debtors....................N900
Sundry.....................N?
The value of sundry expenses is 150% of returns inwards plus 50% of debtors
The total of the trial balance is?
A
N6600
B
N6650
C
N5600
D
N5900
correct option: b
Users' Answers & Comments43
If Mr. Ajasin paid his creditors N5000 out of N20 000 owed, what would be the effect of this transaction on the accounting equation?
A
A decraese in the total asssets by N5000
B
An incraese in the total liabilities and owners' equity by by N15 000
C
An increase in the total assets by N15 000
D
A decrease in owners' equuity by N5000
correct option: a
Users' Answers & Comments44
One of the benefits of book-keeping records is that they?
A
give prospective investors accurate and direct information for decisions-making
B
provide the public and creditors with details of the operations of an entity
C
give legal backing to all the transactions undertaken by a business entity
D
provide information without which the task of management would be difficult
correct option: a
Users' Answers & Comments45
Given:
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?
Bank overdraft..............N2000
Cash........................N2000
Furniture...................N4000
Calculate the total amount on the credit side of the trial balance?
A
N4000
B
N2000
C
N6000
D
N8000
correct option: b
Users' Answers & Comments46
A sole trader purchased goods in cash worth N2000 at 2% discount and made a cash sale of N1000 at the same rate of discount. Determine the amount of discount allowed?
A
N20
B
N40
C
N400
D
N200
correct option: a
Users' Answers & Comments47
A
N9 000
B
N20 000
C
N 1000
D
N17 000
correct option: c
Users' Answers & Comments48
A
N 1400
B
N6 600
C
N16 600
D
N18 600
correct option: a
Users' Answers & Comments49
Calculate the surplus income.
A
N45 000
B
N44 000
C
N30 000
D
N14 000
correct option: d
Users' Answers & Comments50
Use the information below to answer questions.
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Determine the opening cash balance of the
Entrance fees.........................N1200
Subscriptions(including N850 arrears).N4310
Donations received....................N1500
Proceeds from sales...................N2300
Total payments........................N8200
Depreciation..........................N2100
Closing cash balance..................N1110
The club deposited 200% of the closing cash balance in he bank during the period.
Determine the opening cash balance of the
A
N3070
B
N2220
C
N5710
D
N4320
correct option: b
Users' Answers & Comments